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McGraw-Hill (MHP) Posts In Line Q4 Earnings; Guides 2013 Below Street

 February 12, 2013 08:23 AM

(By Balaseshan) McGraw-Hill Companies Inc. (NYSE: MHP) reported a 76% jump in earnings from continuing operations on higher revenue. However, the financial intelligence and education company guided fiscal 2013 below consensus.

Earnings from continuing operations for the fourth quarter were $190 million or $0.67 per share, up from $108 million or $0.37 per share last year.

The company said latest quarter continuing operations results excluded the pending sale of McGraw-Hill Education, which has been reclassified as a discontinued operation. Adjusted earnings per share (EPS) from continuing operations jumped 56% to $0.72.

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Revenue climbed 22% to $1.226 billion.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.72 per share on revenue of $1.61 billion for the fourth quarter.

Revenue from Standard & Poor's Ratings Services soared 34%, driven by the continued low interest rate environment and elevated levels of refinancing activity. S&P Capital IQ revenue increased 8%.

S&P Dow Jones Indices revenue surged 38%, while revenue excluding Dow Jones Indexes rose 5%. Commodities & Commercial Markets revenue increased 9%.

For the fiscal 2013, the company projects adjusted EPS of $3.10 to $3.20, about a 15% increase, and revenue of high single-digit growth, while Street predicts EPS of $3.80 on revenue growth of 6.50.

On November 2012, McGraw-Hill has agreed to sell its McGraw-Hill Education business to investment funds affiliated with Apollo Global Management, LLC. Following the sale closing, expected in early 2013, the company will be renamed McGraw Hill Financial.

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MHP closed Monday's regular session up 3.77% at $44.28. The stock has been trading between $42.02 and $58.62 for the past 52 weeks.



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